MULN stock rises to trade at $0.4961 as of 11:26 AM EDT.
Mullen Automotive (NASDAQ:MULN), whose shares went up 15% before the market opened on Monday, said that the I-GO, a new small electric delivery car, will only be sold in major European countries.
Through its collaboration with the I-creators, GO’s Southern California-based business is expanding its branding and marketing influence to the European market.
The Mullen I-GO has a 124-mile range, a 96-inch wheelbase, a 16.5-kWh battery pack, rear-wheel drive, and a curb weight of 1,753 lbs. The car meets all of the EU’s standards and costs €11,999, so it can be sold in a few European markets.
Retail sales and maintenance for the I-GO will be handled by regional European distributors, with a starting price of €11,999, including VAT and local transportation.
It will add to the commercial vehicles that Mullen (NASDAQ:MULN) already makes, which include Class 1 and Class 2 EV cargo vans.
Bollinger Motors, which offers Class 3 through Class 6 commercial vehicles, was recently acquired by the company in its entirety. It signed an agreement to purchase all of Electric Last Mile Solutions’ assets last week.
MULN stock outlook
The shares of electric vehicle startup Mullen Automotive Inc. went up last week after the company said it had been given permission by the court to pay $92 million for an Indiana manufacturing facility and other assets owned by the now-defunct Electric Last Mile Solutions Inc. Mullen stock, which has lost roughly 93% of its value so far this year, increased by 64% on Wednesday to 36 cents. After closing its doors and submitting a bankruptcy liquidation case in June, Electric Last Mile put its assets up for auction.
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Author Jowi Kwasu 
